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Old 09-12-2010, 07:36 PM   #21
1931 flamingo
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Default Re: Buying V-8 Fords Far From Home

Same happened to me,$10,000, no problems but had to wait a day and go to different branch. Branches evidently get money on different days.
Paul in CT
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Old 09-12-2010, 11:59 PM   #22
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Default Re: Buying V-8 Fords Far From Home

Quote:
Originally Posted by gmc1941 View Post
And each time they asked what were my intentions....... It's my f***ing money I want it.
I could not imagine asking a customer such a thing if I worked at a bank. It seems very impolite and extremely intrusive. Unbelievable.

My answer to such a question: None of your business.

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Old 09-13-2010, 04:21 AM   #23
Henry Hopper
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Default Re: Buying V-8 Fords Far From Home

Same as Gary....I bought a Model 18, B40 last year by bank wire transfer..a bit of a sleepless night beforehand and until I got confirmation the car had been collected by the shipping company....who incidendtly organised the pick up,shipping over and delivery to my door with all the customs paperwork sorted at each end.

The recipients bank did not accept transfers from overseas and we had to use a clearing bank to facilitate the transaction...it scared the crap out of me at the time ,but evidently it is quite common practice.

The only downer was at this end at the bank..I checked the exchange rate the morning of the transaction for that days bank rate(not tourist rate) on the /$....I got "their" rate and it cost me around 600(@$1000) extra plus the kick in the teeth of the transaction fee of 25 on top.

I also got the third degree on what I was doing with the money.
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Old 09-13-2010, 06:38 AM   #24
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Default Re: Buying V-8 Fords Far From Home

"At the last minute I had to go 3 of our banks to get my hands on $20,000 it was a pain in the ass. And each time they asked what were my intentions....... It's my _____ money I want it."

"I could not imagine asking a customer such a thing if I worked at a bank. It seems very impolite and extremely intrusive. Unbelievable.

My answer to such a question: None of your business."



You guys need to do some work on Google ... try the Bank Secrecy Act of 1970.

The banks are doing exactly what the law requires them to do. They are YOUR laws by the way ... not bank policies.

Aside from addressing such issues as money laundering, local banks attempt to protect their depositors, especially the elderly, from scams.

(Also, you might notice that the long-time core contributors to this forum avoid vulgar language ... even lightly disguised, vulgar language. It's disrespectful to the guys who have been around the early V8 hobby and who have managed to express themselves very well without it.

There is an edit button if you care to use it now.)
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Old 09-13-2010, 08:44 AM   #25
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Default Re: Buying V-8 Fords Far From Home

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Originally Posted by Hoop View Post
"At the last minute I had to go 3 of our banks to get my hands on $20,000 it was a pain in the ass. And each time they asked what were my intentions....... It's my _____ money I want it."

"I could not imagine asking a customer such a thing if I worked at a bank. It seems very impolite and extremely intrusive. Unbelievable.

My answer to such a question: None of your business."



You guys need to do some work on Google ... try the Bank Secrecy Act of 1970.

The banks are doing exactly what the law requires them to do. They are YOUR laws by the way ... not bank policies.

Aside from addressing such issues as money laundering, local banks attempt to protect their depositors, especially the elderly, from scams.

(Also, you might notice that the long-time core contributors to this forum avoid vulgar language ... even lightly disguised, vulgar language. It's disrespectful to the guys who have been around the early V8 hobby and who have managed to express themselves very well without it.

There is an edit button if you care to use it now.)
Thank you Hoop. You are right about the language. It only lessens the value of the statement. Most of us are approaching the age that the scammers abuse, so the bank is trying to help us in that instance. Also, if you say you are buying an antique car the teller might just mention that they know of one for sale.
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Old 09-13-2010, 12:42 PM   #26
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Cool Re: Buying V-8 Fords Far From Home

When I sell a car I only accept a verified wire transfer or cash, no checks no matter how good they look. I have also bought with cash and wire transfer. It's the only safe way. A fellow came to buy a car from me and was afraid to carry cash. He had prearranged a wire transfer, called the bank and it was a done deal!
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Old 09-13-2010, 03:38 PM   #27
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Default Re: Buying V-8 Fords Far From Home

Was selling a 1963 Corvette through ads and had a number of people lined up trying to come up with the money. Another one called and wanted it. I said I had these people lined up already. He suggested more money might get him to the top of the list. I said more money and getting it to me.

I met him at the airport the next morning and drove him to my house. He liked the car and opened his attache case. $100 bills banded together in $1,000 stacks. He counted out the proper number of stacks and drove off. He visited a Corvette restoration place on the way home and bought a lot of parts he couldn't have had without cash.

None of the other people on my list ever called back. He got a nice FI split window and I got enough money for a new Barracuda 340-S. Everybody happy.
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Old 09-13-2010, 04:40 PM   #28
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Default Re: Buying V-8 Fords Far From Home

For those not accustomed to cash businesses outside the normal retail storefront operation, be assured there is a huge movement of cash daily through less formal transactions.

In Florida, we have numerous large, established "flea markets" or "swap meets." They operate usually on a weekly basis. Those familiar with the Webster antique auto swap meet know that it started at the Webster Swap Meet which is every MONDAY. There are other meets on Tuesday, Wednesday, etc. The medium of exchange is cash. A considerable number of sellers at Webster and the other locations are dealing in fresh produce. These vendors move from location to location during the week. It is not unusual for a seller to total $20,000 per week in CASH sales. Some do considerably more.

If anyone on the board is from Tampa, they know about the "Farmer's Market" on Hillsborough. It is a wholesale market, does not operate during the day, goes every night, and is shut down by sun up. It floats on cash.

Back to cars, Turkey Rod Run is right down I-95 from me. Average buyer is carrying $25-50,000 cash. More serious (!) buyers are holding even more, especially those from Latin and South America. The sellers don't take American Express. It's anyone's guess just how many cash buyers there are ... and consider some of these boys are after more than one car.

I'm not advocating cash sales ... just adding some insights that there is more cash moving than one would expect. Bank transfers work well; discuss the details with your banker.
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Old 09-13-2010, 05:09 PM   #29
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Default Re: Buying V-8 Fords Far From Home

It is utterly unknowable, but imagine what the total amount of cash exchanged at the Hershey meet must be like.
I know that Pennsylvania has tried to collect sales taxes at Crlisle and Hershey a few times.
Oddly, no one seems to have sold anything those years!
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Old 09-14-2010, 05:25 AM   #30
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Default Re: Buying V-8 Fords Far From Home

Another thing that might help you with bank problems. My bank offers me free line of credit up to $25k. Once approved, you are free to use that money when ever, however you want. Although I rarely use it (actually I think I only used it when I was building my house), just having it available gives me instant access to cash and I also think the bank tends to give me less grief if I am taking large sums from my savings. Not sure, but they've never hassled me. Of course the line of credit comes with a cost, that's why I rarely use it.
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Old 09-19-2010, 07:01 PM   #31
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Default Re: Buying V-8 Fords Far From Home

Reminds me of the two guys at Hershey leaning over a very nice early Lincoln. The buyer had a "friend" next to him obseving the transaction. 40K was counted out on the hood of the car. Onlookers kept thier distance...... I assumed the "friend" was carrying.

Often wondered how much money is there on the fields any given day.
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Old 09-20-2010, 02:29 AM   #32
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Default Re: Buying V-8 Fords Far From Home

I know it's not what you're asking, but just some experiences from an oversea's guy.

Bought the first roadster in CT over the internet about 5 years ago... the transport company made the payment in cash, that did cost me 5% of the selling price!!

then I bought 2 cars in the US over the internet / phone - did send the money over via bank wiring...without knowing, if the cars really exist...but that's the way we have to do these deals when we don't want to jump in a plane and fly across the world just to have a look at a nice car...

till now, I got every time what I expected more or less. But I know that people got ripped up big time...well...
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